California State Senator Bob Dutton, in cooperation with Wells Fargo, is hosting free workshops for potential first-time homebuyers. The workshops will be available to the public on two different Thursday evenings, June 18 and June 25, from 6pm to 8pm. The Rancho Cucamonga Goldy Lewis Community Center located at 11200 Baseline Road is the location for both events.

Along with Wells Fargo, participating organizations include the Franchise Tax Board, the San Bernardino County Assessor’s Office and HUD. Representatives will provide details regarding the $8,000 federal tax credit for first-time homebuyers. A question and answer period will follow the presentations.

Senator Dutton assisted in the creation of the state legislation for closings after March 1, 2009, but before March 1, 2010. Only $100 million of state budget dollars was set aside for the tax credit. The state is only receiving applications via a specific fax number, and will shut off the fax number once 12,000 applications have been received.

With the state’s program, you can get 5%, up to $10,000, in state tax credit for a new construction home. If you add that to the federal tax credit, you can receive up to a combined $18,000 in federal and state tax credit for buying a newly built home before the deadlines.

Keep in mind, the total state tax credit allotment is only $100 million. If every applicant receives the maximum $10,000, no money will be available after 10,000 individual credits have been issued. Over $88 million of credit has already been claimed. That leaves only $12 million as of 6/10/09 according to information on the state’s franchise board website.

The State of California Franchise Tax Board provides details of the tax credit and periodic updates on their website regarding the credit remaining. Something to consider is that you don’t have to be a new homebuyer to receive the state’s tax credit. The key requirement is that you purchase a primary new construction single-family residence, regardless of whether it is attached or detached.

We here at Roost strongly encourage you to strut your stuff on over to one of the workshops if you plan on buying a new construction home as your primary residence. You need to get on it, since the tax credit ante is rapidly dwindling.

If interested in attending one of the workshops, you’ll need to RSVP Senator Dutton’s office at (909) 466-4180, or call for more information.